Loan Comparison: 3.06% vs 6.5%
225 8th, Longmont, CO 80504 · 1bd/1ba · $200,000
List Price
$200,000
Assumable Rate
3.06%
Remaining Balance
$163,143
Equity Gap
$36,857
Loan Type
VAAdjust Your Scenario
$10,000
$10,000$36,857
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.06% (VA)
Blended Rate: 3.83%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,201/moAssumable @ 3.06% + gap loan
$900/moAssumed loan: $693/mo
Gap financing: $207/mo
$301less per month with the assumable
Your Savings on This Property
225 8th, Longmont · 3.06% VA vs 6.5% conventional
$301
per month
$3,616
per year
$108,473
over 30 years
$108,473
interest saved
How gap financing works: The equity gap ($36,857) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($10,000, 5% of purchase price) and a second mortgage for the rest ($26,857 at 8.5%). Even with two payments, the blended cost is typically much lower than a new conventional loan. We work with lenders who specialize in assumption gap financing.
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